Intermec Emerges As Bright Spot In Unova Earnings

Unova's net income dropped, yets its RFID-technology company, Intermec, reported a 31% increase in operating profit.

Laurie Sullivan, Contributor

May 5, 2005

1 Min Read

RFID technology company Intermec Technologies Inc. emerged as a bright spot in an otherwise lackluster earnings report on Wednesday from its parent company Unova Inc.

Unova reported first-quarter revenue, ending April 3, rose 13.3% to $196.5 million, compared with $193 million in the year-ago quarter. Yet net income fell to $3.5 million, or 6 cents per diluted share, compared with $10.5 million, or 17 cents per diluted share in the prior year's first quarter.

Intermec's operating profits from product and service revenue, however, grew 31% to $16.0 million for the first quarter of 2005, compared with $12.3 million for the prior-year period. The operating margin for Intermec product and service revenue was 8.2% in the first quarter of 2005, compared with 7.1% for the prior-year quarter.

Intermec saw 11% revenue growth from systems and solutions over the comparable prior-year period, 12% from services and 16% from printer and media. Geographically, North America revenue grew 11%, Europe, Middle East and Africa increased 11%, Latin America 34%, and Asia-Pacific 30%.

Unova also owns businesses in industrial automation, which contributed to the lower earnings for the quarter.

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